How to Report and Recover from Elder Fraud

4 Min. Read

Falling victim to elder fraud can feel overwhelming, but you’re not alone, and recovery is possible. Knowing where to report suspicious activity, what type of information to provide, and which steps to take next can make all the difference in protecting yourself or your loved ones.

Here, we outline practical steps for reporting elder fraud and the resources available to support your recovery.

Where to Report Elder Fraud

If you have suspicions of elder fraud, it’s crucial to take immediate action by reaching out to the proper authorities.

Your Financial Institution

Immediately inform the senior’s credit union or financial institution to safeguard accounts and investigate any suspicious activities.

Adult Protective Services (APS)

You can also report elder financial abuse to APS, which are state-run social services programs aiding older adults and adults with disabilities who are victims of abuse, neglect, or exploitation.

The Local Authorities

Elder financial abuse is considered a specific crime in some states and can encompass theft, fraud, forgery, embezzlement, or money laundering. Report incidents to your local Police or Sheriff’s office. And remember, if there is an immediate safety risk to an individual, call 911!

The District Attorney’s Office

Your local District Attorney’s office can potentially prosecute the offender. Reach out to file a report or open an investigation.

The Federal Trade Commission (FTC)

The FTC is another resource for reporting fraud and getting guidance for recovery.

What Information is Needed to File a Report of Elder Fraud?

When making a report, be prepared to include the following details:

• The time, date, and place of the incident(s)
• The names of all parties involved, including any witnesses
• The bank accounts or statements involved with a detailed amount of compromised funds
• A detailed account of the suspected financial abuse, along with any other forms of abuse or neglect observed
• Information about the elderly person’s health or disabilities, specifically any details related to their decision-making capabilities or memory issues
• Any concerns about immediate danger to the elderly individual or others

Do Banks Refund Scammed Money?

Whether a financial institution will refund scammed money depends on several factors, including the type of scam and that financial institution’s policies. Generally:

• Unauthorized Transactions: Banks are more likely to refund money for unauthorized transactions if reported promptly.
• Authorized Transactions: If the elder willingly gave money to the scammer, it can be more challenging to get a refund. Some banks may offer partial or full reimbursement as a goodwill gesture.
• Investigation: The bank will conduct an investigation, and the outcome will determine whether a refund is issued.

Although this may be a hard process to go through, there are clear steps to take and many resources available for recovery.

What to Do if You Get Scammed as an Elderly Person

If you find yourself a victim of a scam, it’s essential to act quickly:

• Contact Your Financial Institution: Report the fraud to your bank, credit union, and credit card companies and request a hold on your accounts and cards.
• Change Passwords and PINs: Secure your accounts by updating your passwords and PINs.
• Report to the Authorities: Notify local law enforcement, APS, and relevant federal agencies.
• Check Your Credit: Obtain your credit reports and monitor for any fraudulent activities. Place a freeze alert on your credit file to prevent further damage.
• [H3:] Seek Support: Reach out to family, friends, or support groups for emotional and practical assistance.

How Can I Recover from Being Scammed?

Recovering from a scam involves a combination of financial and emotional steps.

On the financial side, you should place a fraud alert or freeze on your credit files to prevent further misuse. Work with your financial institution to dispute any fraudulent charges and keep a close eye on all your financial accounts for any unusual activities. If large sums of money are involved, consider consulting with a lawyer.

On the emotional side, it may be helpful to seek professional counseling to deal with the aftermath of the scam. Joining support groups can also be beneficial, as it enables you to share your experiences and gain support from others in similar situations. Finally, educating yourself about common scams can help you avoid similar incidents in the future.

Other Resources for Help with Elder Fraud

Elder fraud often involves financial exploitation. If such a situation occurs, it’s crucial to act quickly. Long-term care intermediary help in supporting elders living in nursing homes, assisted living communities, and other adult care facilities. They stand up for elderly individuals when issues arise and work towards resolving them. Each state has an Office of the State Long-Term Care intermediary available for assistance.

Social workers, elder patient advocates, or similar professionals can also assist when needed. These individuals can be instrumental in navigating difficult situations.

If you believe you or someone you know may have been a victim of elder fraud, contact your local FBI field office or submit a tip online. You can also file a complaint with the FBI’s Internet Crime Complaint Center.

Protect Yourself Before It Happens

Recovering from elder fraud takes time and effort, but prevention is always the best first line of defense. By learning to recognize scams early and taking proactive steps, you can reduce the risk of financial exploitation.

For tips on spotting red flags and safeguarding yourself or your loved ones, read our blog: Elder Fraud Prevention: How to Protect Yourself and Your Loved Ones

Learn How to Prevent Elder Fraud